One of your primary estate planning goals may be to ensure that you leave behind sufficient assets to provide for your loved ones when you are gone. You may also wish to have some continued influence over your loved ones, even in your absence. Let's explore how you can use a trust to control the assets you gift. Trust Basics A trust is a fiduciary arrangement that allows a third party, referred to as a Trustee, to hold assets on behalf of a beneficiary or beneficiaries. Trusts can be … [Read more...] about How Can I Control the Assets I Gift?
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Removing Life Insurance from the Taxable Estate
Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the estate. But, there are two potential traps in this as discussed by my friend and colleague Steve Hartnett, an estate planning expert in this artcle. Read on to learn more … [Read more...] about Removing Life Insurance from the Taxable Estate
Removing Life Insurance Without Triggering the Transfer for Value Rule
Life insurance is included in the taxable estate typically. A trust is a great way to remove the value of life insurance from the taxable estate. But there are two potential traps in this. The prior article examined the first trap, the three-year lookback of Section 2035. This article by my friend and colleague Steve Hartnett, an estate planning expert will examine how the Transfer for Value rule can make life insurance taxable. Read on to learn more about how to avoid the income taxation of … [Read more...] about Removing Life Insurance Without Triggering the Transfer for Value Rule
The Basics: “HIPAA” Powers
This is the third in a three-part series of articles on Powers of Attorney by my friend and colleague Steve Hartnett, an estate planning expert. The first article examined the Financial Power of Attorney. This second article examines the Healthcare Power of Attorney and Advance Directive. Read on to learn more … [Read more...] about The Basics: “HIPAA” Powers
The Basics: Powers of Attorney for Healthcare
Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care. This article by my friend and colleague Steve Hartnett, an estate planning expert, concerns the Healthcare Powers of Attorney and Advance Directives. Read on to learn more … [Read more...] about The Basics: Powers of Attorney for Healthcare
The Basics: Financial Power of Attorney
Powers of Attorney are part of even the simplest estate plan. A Power of Attorney allows your Agent to act for you. There are Powers of Attorney for financial matters and also those for health care as discussed by my friend and colleague Steve Hartnett, an estate planning expert. Read on to learn more … [Read more...] about The Basics: Financial Power of Attorney
Dont End Up Rich, Famous, and Intestate
Many who have yet to create an estate plan tell themselves “When I become rich and famous I’ll do it because then I will really need one”. Surprisingly, many of the rich and famous still don’t get around to it, creating a legal nightmare when they die. Consider the following short list of rich and famous persons who failed to leave behind an effective estate plan. Abraham Lincoln: Despite being a lawyer himself, even the 16th President of the United States died intestate. Jimi Hendrix: … [Read more...] about Dont End Up Rich, Famous, and Intestate
The Government Estate Plan for Intestacy
If you are one of the millions of Americans who has failed to create an estate plan, you are officially signed up for the government estate plan. When you fail to execute as much as a Last Will and Testament or Living Trust prior to your death, your estate will be handled according to the government’s rules and laws since you are considered to have died intestate. So how does the government estate plan work? For starters, except for the most modest estates, it is likely that everything you … [Read more...] about The Government Estate Plan for Intestacy
Do Not Forget to Update Your Estate Plan after a Divorce
Making the difficult decision to end your marriage is never easy, and the legal process of divorce that follows will undoubtedly be time-consuming and emotionally exhausting. Given the time and attention a divorce takes, it can be all too easy to overlook the numerous practical steps that should be taken after the divorce process reaches a conclusion. Nevertheless, be sure not to not forget to update your estate plan after a divorce. Routine Reviews and Revisions of Your Estate Plan One of … [Read more...] about Do Not Forget to Update Your Estate Plan after a Divorce
Can I Be the Trustee of My Own Living Trust?
As your estate plan grows, you may decide to incorporate a living trust into your plan. If so, part of the process of creating your trust will be to appoint a Trustee. Can you appoint yourself as the Trustee? Let's explore whether you can – and whether you should – appoint yourself as the Trustee of your living trust. What You Need to Know about Trusts A trust is a fiduciary arrangement that allows a third party, referred to as a Trustee, to hold assets on behalf of a beneficiary or … [Read more...] about Can I Be the Trustee of My Own Living Trust?
